UAE-based banking group Mashreq Bank has completed the sale of a majority stake in its paytech subsidiary Neopay for $385 million.

Dgpays, a B2B financial infrastructure technology provider, and Bahrain-based global alternative investment firm Arcapita formed a consortium that has acquired the majority stake in the company.

Mashreq retains a significant minority stake in Neopay following the completion of the deal.

Launched by Mashreq in 2022, Neopay’s offerings include point-of-sale (POS) software, inventory management tools, a card processing system, a merchant acquiring solution, and payment gateway technology.

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